Twitter
Advertisement

Bank told to pay Rs1 relief over loan bungle

Latest News
article-main
FacebookTwitterWhatsappLinkedin

The Thane district consumer dispute redressal forum recently held Bank of Baroda, Mumbai, responsible for causing mental agony to one of its customers and asked the bank cough up a compensation of Rs1 lakh. While the bank is required to pay the money to the customer within 45 days, it will also have pay the complainant Rs 10,000 towards legal expenses.

As per the complainant, Jayprakash Kushwaha, a resident of Nalasopara, had approached Bank of Baroda for a home loan of Rs3,13,000. Kushwaha had purchased flat owned by Rahul Lokhande, the cost of the house was Rs4 lakh. Kushwaha had paid a token amount of Rs 87,000 to Lokhande and promised him to pay the remaining amount once loan formalities were cleared.

Meanwhile, Kushwaha applied for loan. The bank had asked Kushwaha for basic documents before processing his loans. Accordingly the complainant, bank gave clearance for loan on April 12, 2007, thus informing him that the loan will be disbursed within a small period of time. Bank also promised that the said loan amount will be directly transferred to Lokhande's bank account.

"However even after paying for the bank fees, the bank failed to clear the loan amount. Finally when the complainant approached the bank asking for a clarification for the same, the bank officials claimed that they had misplaced the loan file and hence the loan was not cleared," reads the complainant's version.

Aggrieved by the bank's negligent attitude, the complainant approached the forum in August 2008 and filed a complaint. The forum after going through the complaint, asked the bank to file its reply.
The bank in its reply claimed the one of the document, which the complainant submitted was allegedly forged document, and thus the loan was canceled.
The forum after going through the evidence, said that if bank felt that the documents were forged, then, it should have informed Kushwaha before issuing loan clearance letter to the complainant. It held the bank responsible of its negligent and careless behavior towards its consumer. The forum asked the bank to decide on the loan transaction within a period of 30 days.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement